Top Trump agency cuts off foreign nationals from all loan programs: 'Must prioritize American citizens'
Fox News
SBA Administrator Kelly Loeffler announced an expanded policy on Friday banning foreign nationals from all Small Business Administration guaranteed loan programs, prioritizing American citizens.
Leo Briceno is a politics reporter for the congressional team at Fox News Digital. He was previously a reporter with World Magazine.
The requirement will apply to its Surety Bond and Microloan programs and is an expansion of changes made in February to the SBA’s 504 and 7(a) programs — loans for small businesses looking to finance working capital, equipment or acquisitions. Those earlier reforms prohibited SBA loans from going to businesses that are partially or wholly owned by foreign nationals.
The Surety Bond helps new or inexperienced contractors bid for government jobs that require bonding. Similarly, The Microloan program looks to offer small businesses loans of up to $50,000 through approved third-party intermediaries.
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